Padua, Lukas Change Financial Operations
Updated: Monday, June 4, 2001 4:16 PM
Posted: Monday, June 4, 2001 4:16 PM
Satish and Anne Sanan's Padua Stables of Summerfield, Fla., announced June 2 it is taking over the financial operations of the training center developed in 1998 on what was formerly Silverleaf Farm. Trainer D. Wayne Lukas, who moved his training operation from Westerly Training Center in California's Santa Ynez Valley to coincide with the development of Padua, had served as general manager for the Sanans and based his D. Wayne Lukas Racing Stables at the farm.
A statement from the farm said Lukas will continue to use Padua as his exclusive training center, but the farm now will accept outside horses to break and train. The statement also said Lukas would remain Padua's sole trainer but will move his financial and accounting offices from Florida to Lexington within the next few months. The change is believed to shift financial responsibility for D. Wayne Lukas Racing Stables from Padua to Lukas.
"Operationally, nothing is really changing," said daughter Nadia Sanan, who serves as assistant general manager at Padua. "When we moved the Westerly operation, Wayne's office moved here, too. This is financially something that just makes sense for us to do."
Lukas could not be reached for comment.
Padua and Lukas first teamed up in early 1998, less than a year after Sanan entered the Thoroughbred industry with a splash, buying seven yearling for $4.4 million and making numerous private purchases. Over the next three years, with Lukas as its principal adviser, Padua purchased 73 yearlings in North America for $55.8 million, and was a partner in a number of other high-priced offerings.
Padua currently has about 80 horses in training and owns 16 broodmares after selling 16 over the past year. Its most accomplished runner is 1999 Breeders' Cup Juvenile Fillies (gr. I) winner Cash Run.
Satish Sanan is an information technology executive whose company, IMR Global, is merging with the Canadian company CGI Group. As chairman of IMR, Sanan has seen his holdings in the company fluctuate wildly in value. Share price was over $61 when the Silverleaf purchase was made in 1998, but over the last year has ranged from a low of $2.37 to a high of $17.44. On June 4, IMR was trading at $9.40.
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